KEEP II GKL 4 ApS c/o Keystone Investment Management A/S Havnegade Copenhagen K Central Business Registration No Annual report 2016

Transcription

1 Deloitte Statsautoriseret Revisionspartnerselskab CVR-nr Weidekampsgade 6 Postboks København C Telefon Telefax KEEP II GKL 4 ApS c/o Keystone Investment Management A/S Havnegade Copenhagen K Central Business Registration No Annual report 2016 The Annual General Meeting adopted the annual report on Chairman of the General Meeting Name: Maja Hesselberg Medlem af Deloitte Touche Tohmatsu Limited

2 KEEP II GKL 4 ApS Contents Page Entity details 1 Statement by Management on the annual report 2 Independent auditor's reports 3 Management commentary 5 Income statement for Balance sheet at Statement of changes in equity for Notes 10 Accounting policies 11 rjakobsen/ :58/w.6.6.0/mstc_c Selskaber/E Status II: 0

3 Entity details KEEP II GKL 4 ApS 1 Entity details Entity KEEP II GKL 4 ApS c/o Keystone Investment Management A/S Havnegade Copenhagen K Central Business Registration No: Registered in: Copenhagen Financial year: Executive Board Hugo Marcus Vernon Black Morten Sennecker Schultz Auditors Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 Postboks København C

4 Statement by Manage ment o n the annual report KEEP II GKL 4 ApS 2 Statement by Management on the annual report The Board of Directors and the Executive Board have today considered and approved the annual report of KEEP II GKL 4 ApS for the financial year The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity s financial position at and of the results of its operations for the financial year We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen, Executive Board Hugo Marcus Vernon Black Morten Sennecker Schultz

5 Independent auditor's reports KEEP II GKL 4 ApS 3 Independent auditor's reports To the shareholders of KEEP II GKL 4 ApS Report on extended review of the financial statements We have performed an extended review of the financial statements of KEEP II GKL 4 ApS for the financial year The financial statements, which comprise the income statement, balance sheet, statement of changes in equity, notes and accounting policies, are prepared in accordance with the Danish Financial Statements Act. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibility Our responsibility is to express an opinion on the financial statements. We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. This requires that we comply with the Danish Public Accountants Act and FSR Danish Auditors Code of Conduct and plan and perform procedures to obtain limited assurance about our opinion on the financial statements and that we perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our opinion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical procedures and specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements. Conclusion Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity s financial position at and of the results of its operations for the financial year in accordance with the Danish Financial Statements Act. Statement on the management commentary Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.

6 KEEP II GKL 4 ApS 4 Independent auditor's reports In connection with our extended review of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the extended review or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen, Deloitte Statsautoriseret Revisionspartnerselskab Central Business Registration No: Lars Andersen State Authorised Public Accountant

7 Manage ment co mmentary KEEP II GKL 4 ApS 5 Management commentary Primary activities The Company s purpose is to operate as holding company by owning investments in enterprises that acquire, sell and manage real estate both directly and through a company. Development in activities and finances The company realised a loss of 319 thousand which is as expected by the management. Management expects increased activities and positive results for Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

8 Inco me statement for 2016 KEEP II GKL 4 ApS 6 Income statement for 2016 Notes 2016 Other external expenses (18.000) Operating profit/loss (18.000) Financial expenses from group enterprises ( ) Profit/loss before tax ( ) Tax on profit/loss for the year Profit/loss for the year ( ) Proposed distribution of profit/loss Retained earnings ( ) ( )

9 Balance sheet at KEEP II GKL 4 ApS 7 Balance sheet at Notes 2016 Investments in group enterprises Deferred tax Fixed asset investments Fixed assets Other receivables Receivables Cash Current assets Assets

10 KEEP II GKL 4 ApS 8 Balance sheet at Notes Contributed capital Retained earnings Equity Trade payables Current liabilities other than provisions Liabilities other than provisions Equity and liabilities Contingent liabilities 5

11 Statement of c hanges in equity for 2016 KEEP II GKL 4 ApS 9 Statement of changes in equity for 2016 Contributed Retained capital Share premium earnings Total Contributed upon formation Transferred from share premium Profit/loss for the year Equity end of year ( ) ( ) ( )

12 Notes KEEP II GKL 4 ApS 10 Notes Tax on profit/loss for the year Change in deferred tax for the year (95.043) (95.043) Investments in group enterprises Deferred tax 2. Fixed asset investments Additions Cost end of year Carrying amount end of year The additions above are prepayments related to establishment of a subsidiary in Other receivables The Entity has entered into an interest rate cap transaction with a cap rate of 3% effective as of As of the notional amount is 98,808,254, and the fair value as of is 826,412 in favour of the Entity. The termination date is Nominal Number Par value value 4. Contributed capital A-share B-share Contingent liabilities During the finansial year, a restricted transfer agreement of shares was entered into regarding the acquisition of the shares in a company with expected transfer in 2017.

13 Accounting policies KEEP II GKL 4 ApS 11 Accounting policies Reporting class This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C. Recognition and measurement Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Derivative financial instruments On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or other payables. For derivative financial instruments that do not comply with the requirements for being treated as hedging instruments, changes in fair value are recognised currently in the income statement as financial income or financial expenses. Income statement Other external expenses Other external expenses include expenses relating to the Entity s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc.

14 KEEP II GKL 4 ApS 12 Accounting policies Financial expenses from group enterprises Financial expenses from group enterprises comprise interest expenses etc from payables to group enterprises. Tax on profit/loss for the year Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Balance sheet Investments in group enterprises Investments in group enterprises are measured at cost and are written down to the lower of recoverable amount and carrying amount. Deferred tax Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Receivables Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. Cash Cash comprises cash in hand and bank deposits. Other financial liabilities Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.